MacGregor, part of Cargotec, has finalized the statutory cooperation negotiations regarding its planned cost saving measures.
The negotiations resulted in restructuring of operations and reducing approximately 170 full-time equivalents globally, as the company seeks to achieve annual cost savings of EUR 13 million.
The measures affect MacGregor operations in Norway, Germany, China, and Singapore. At the end of September 2017, the company employed globally 1,876 persons.
MacGregor’s plans also included the split of Smart Ocean Technology division into Cargo Handling division and Advanced Offshore Solutions division.
With these savings, MacGregor seeks synergies by reorganising both the offshore and merchant shipping operations and continues improving operational efficiency and customer centricity.
As announced earlier, the planned savings are estimated to be reached in 2018. They will result in restructuring costs of around EUR 7 million in the final quarter of 2017.
“These measures enable us to strengthen our leading position in the future maritime cargo flow, offshore mooring and load handling markets and to develop the company to be the leader in smart cargo and load handling. We continue to invest in serving our customers globally, and especially in the key developing maritime countries,” Michel van Roozendaal, President of MacGregor, said.